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A USDA FAS report cut Argentina's 2022-23 soybean production forecast to 36 million tonnes, 9.5 million lower than before. That would be the lowest output since 2008-09, after prolonged drought hit south-central Santa Fe, northern Buenos Aires and Entre Rios.
A USDA cut of this size to the world's top soymeal and soy oil exporter tightens global soy product supplies and supports prices.
world-grain.comArvin DonleyFeb 3, 2023After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
